Condo & Renters Insurance

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Condo insurance to protect the lifestyle you earned.

The master condo policy typically protects only the shell of your unit, leaving your personal property and the unit interior at risk. We’ll make sure you understand your bylaws and have the protection you need.

Your condo association’s insurance policy only covers certain aspects of your condo building, such as common or shared areas. As a result, it may cover your condo unit, but not any improvements you make or fixtures you add to the condo. It also won’t cover your personal possessions or provide personal liability lawsuit protection.

Renters insurance protects your family and you against unexpected
expenses in the event of a loss.  Your landlord’s insurance does not
provide you relief in case of a fire or weather catastrophe.

Condo insurance policies are not renters policies.  You own more of
the inside than you probably know and you have other needs as well. Download our Condo Unit Owners Insurance Guide to learn more or just call our Condo Hotline at
800-827-5525 ext. 231 to talk to one of our experts.

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Which insurance solution is right for your family?

Explore how having the right insurance can protect you from the unexpected.

Condo
Betterments and Improvements
Risk Factor

Any betterments, improvements, alterations, or additions made to your condominium are subject to damage. However, it’s important to make sure they’re covered appropriately.

Solution

Be sure to obtain coverage for any betterments, improvements, alterations, and additions made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring, and more.

Personal Property
Risk Factor

Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.

Solution

Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.

Additional Living Expenses
Risk Factor

Additional living expenses can be incurred if there is damage to your unit due to a fire, storm, or other event resulting in your need to live at a temporary residence.

Solution

Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals, and other living expenses incurred while your residence is being repaired or rebuilt.

Personal and Family Liability
Risk Factor

You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.

Solution

Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.

Medical Expenses
Risk Factor

You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.

Solution

Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.

Loss Assessment
Risk Factor

If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.

Solution

Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. A range of limits may be available.

Physical Damage
Risk Factor

Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.

Solution

Be sure your condominium owner, association, or corporation carries a comprehensive policy to cover the risk of physical damage. It’s important to know what the policy includes and what it doesn’t, which could range from covering just the shell of the building to including things like floors and walls.

Renters insurance protects your belongings and provides the additional cost to relocate if you have to live elsewhere due to a loss to your unit.  It also provides your family and you liability lawsuit protection if you are sued for injuries at your home, or elsewhere. Libel & slander lawsuits should also be covered for internet and social media activity—the fastest rising number of lawsuits today.

Note: If you are a landlord, you must protect yourself by requiring renters insurance of your tenants and need properly written Rental Dwelling protection including sufficient landlord liability limits.  Gallagher has special programs for your renters and for your needs as well.

Condo insurance covers damage caused by theft, fire, severe wind, lightning strikes and frozen pipes. It’s important to note, however, that condo insurance does not usually cover flooding.

It can be confusing to figure out exactly what coverage you need for your condo unit, so we’re more than happy to work with you to find the condo insurance policy that’s right for you.

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